Quarterly report pursuant to Section 13 or 15(d)

Income Taxes (Tables)

v3.8.0.1
Income Taxes (Tables)
9 Months Ended
Sep. 30, 2017
Income Taxes Tables  
Reconciliation of income tax expense

 

    September 30,
2017
  September 30,
2016
U.S. Statutory rate   $ (8,269 )   $ (130,557 )
Tax rate difference between Italy, Austria and U.S.     45,860       (112,465 )
Change in Valuation Allowance     330,199       483,044  
Permanent difference     (34,371 )     8,116  
Effective tax rate   $ 333,419     $ 248,138  

Deferred tax assets

 

    September 30,
2017
  September 30,
2016
Current   $ 333,419     $ 248,138  
Deferred     —         —    
Total   $ 333,419     $ 248,138  

Provisions for income taxes

 

    September 30,
2017
  September 30,
2016
Net loss carryforward - Foreign   $ 94,848     $ 2,122  
Net loss carryforward - US     4,393,558       3,584,959  
      4,488,406       3,587,081  
Less valuation allowance     (4,488,406 )     (3,587,081 )
Deferred tax assets   $ —       $ —